Nah, I Don’t Need an Exit Plan Now!

I dont’ think I have had a business owner deny that they wouldn’t exit their business some day. They just don’t think it will be anytime soon. Unfortunately many an owner is exited from their business sooner than they think.

About a decade ago my wife and I built our (a lot of it was my) dream house. We got the know the electrical contractor quit well and wished him well as he departed on a scuba diving trip in the Caribbean. A sudden and unexpected diving accident exited him from his business due to his death many years ahead of when he expected. It was fortunate that the son-in-law was a part of the business as there was no succession plan and the wife had no business or electrician skills. The son-in-law stepped in and kept the business in tact until a fair and equitable transfer of ownership could be made.

You will exit your business – some day. Are you prepared if the day is tomorrow?

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